Posted by Bruce in BC [24.207.19.125] on Wednesday, May 08, 2013 at 01:27:12 :
In Reply to: Question... Are deposits refundable? posted by Jonas [67.142.178.21] on Wednesday, May 08, 2013 at 00:47:04 :
a deposit on a house is very often not refundable . I think the general premiss is that a deposit is in effect a contract that indicates that a person is going to buy something .
There is wiggle room , and some juradictions you have a certain amount of time to back out of a deal and you do not have to give a reason .
a buddy of mine had a 40 ,000 dollar deposit on a house that he owned . The buyer backed out . He had in writing that the deposit was nonrefundable - He returned the bulk of the cash but kept some to cover a bunch of legal bills and what not 12 grand i think .